Lloyd's of London Insurance Company Review

Lloyd's of London Insurance Company at a Glance

Lloyd’s Pros: Lloyd’s is a financially stable company with a long history and great reputation.

Lloyd’s Cons: Lloyd’s is a non-admitted carrier in 48 states in the US. A non-admitted insurance company is not backed by the state, and the company does not necessarily comply with state insurance regulations. If the company becomes insolvent, there is no guarantee that claims will be paid. If policyholders think their case was handled improperly, they can’t appeal to the state insurance department.

Your insurance agent or broker can help you determine if choosing Lloyd’s for your personal or business insurance needs is right for you. You can also use our national insurance company directory to find the best companies to meet your needs. The directory will help you locate insurance companies that specialize in what you need, and can help you get connected to an agent near you.

What Types of Insurance Does Lloyd's Offer?

Lloyd's insures nearly every class of business in the US, except life, workers’ compensation, and financial guarantees. Underwriters at Lloyd's are authorized surplus lines insurers in all US states and territories, and admitted insurers in Illinois, Kentucky, and the US Virgin Islands.

If you have a question about purchasing insurance from Lloyd's, contact your local insurance agent or broker licensed to conduct business in your state.

What to Know about Lloyd's

Lloyd's of London, or Lloyd's, is an insurance and reinsurance market located in London. Lloyd’s is not an insurance company. It is a corporate body governed by the Lloyd's Act of 1871 and subsequent Acts of Parliament.

Edward Lloyd founded Lloyd's of London in 1686, and it soon became a popular insurer for merchants, sailors, and ship owners. Over the centuries, Lloyd's has evolved to cover a variety of risks throughout the world. Lloyd's is now the corporate umbrella under which syndicates, or insurers, write new coverage. Worldwide gross premiums total over $48 billion.

The syndicates specialize in different types of risks, and each syndicate decides which types of risks to insure. The main purpose of Lloyd's of London is to act as an intermediary between clients, underwriters, brokers, and insurance companies. 

Lloyd's of London in the US

Forty percent of Lloyd's global premiums are held by US customers. Lloyd's is the largest surplus lines insurer in the US and the largest non-US domiciled reinsurer.

All Lloyd's syndicates share market ratings of A (Excellent) from A.M. Best.

What Discounts Does Lloyd's Offer?

Lloyd’s does not publish any information about specific discounts or savings opportunities.

Lloyd's Customer Service

Lloyd’s is not able to answer questions about individual policies.

According to the website for Lloyd’s of London in the US, if you’re an existing Lloyd's policyholder or have a question about purchasing insurance from Lloyd's, you should contact your local insurance agent or broker licensed to conduct business in your state.

Lloyd's FAQ

What is Lloyd’s average claims response time frame?

According to the website for Lloyd’s of London in the US:

“The underwriting syndicates that insure risk in the Lloyd's market in London make their own arrangements to handle claims locally. There is no central policy or claims database at Lloyd's.

In the event of a claim, policyholders should always follow the instructions set out in the insurance policy. The proper parties to be notified should be specified in the policy and they should be notified in accordance with the claims procedure of that policy.

Communication about the claim should take place between the insured and their agent, broker, or the entity that sold the insurance to the insured. It is their responsibility to communicate with the underwriters at Lloyd's with whom they placed the insurance.

Lloyd's 'claims' department in London performs a regulatory function. It does not administer individual claims.”

What is Lloyd’s customer service availability?

According to the website for Lloyd’s of London in the US, if you’re an existing Lloyd's policyholder or have a question about purchasing insurance from Lloyd's, you should contact your local insurance agent or broker licensed to conduct business in your state.

What is Lloyd’s claims process?

According to the website for Lloyd’s of London in the US:

“The underwriting syndicates that insure risk in the Lloyd's market in London make their own arrangements to handle claims locally. There is no central policy or claims database at Lloyd's.

In the event of a claim, policyholders should always follow the instructions set out in the insurance policy. The proper parties to be notified should be specified in the policy and they should be notified in accordance with the claims procedure of that policy.

Communication about the claim should take place between the insured and their agent, broker, or the entity that sold the insurance to the insured. It is their responsibility to communicate with the underwriters at Lloyd's with whom they placed the insurance.

Lloyd's ‘claims’ department in London performs a regulatory function. It does not administer individual claims.”

Does Lloyd’s create a user-friendly experience for customers?

The website for Lloyd’s of London in the US offers a lot of information that is primarily for agents, brokers, investors, insurance companies and other entities. Individuals or businesses that want information about Lloyd’s should contact their insurance agent or broker.

Does Lloyd’s have good insurance?

Details about Lloyd’s insurance policies offered in the US are hard to find, making it difficult to compare their policies to other insurance companies.

Is Lloyd’s a good insurance company?

While it is not a traditional insurance company, Lloyd’s of London is an insurance powerhouse that has been in existence for centuries. It is a unique organization that primarily works through insurance agents and brokers, with little or no contact with individual customers. The company has strong name recognition, high financial strength ratings, and varied customer satisfaction reviews. All in all, Lloyd’s is a good company.

Lloyd's Customer Reviews

Wallethub

“My brother referred me to US Lloyd's Insurance after I complained to him about my current provider and how I was looking for a different provider. He had been with US Lloyd's for years and raved about them so I did a bit of research and decided to give them a call. They were very friendly and helped me select a policy, and I have had nothing but good things to say about them in the six months that I have been with them. Thankfully we haven't had a reason to take out a claim, but I am confident if we ever did that US Lloyd's would be helpful."

Wallethub

“I recently purchased car insurance from U.S. Lloyd’s Insurance Company as I try to get away from some of the bigger providers. I was fairly concerned about the rates as I had never heard of Lloyd’s before, but my concerns were eased greatly. The rates are comparable to most other big-name companies, but are slightly lower. I don't plan on leaving them anytime soon.”

Clearsurance

“Awesome customer service, easiest company to add a vehicle to your existing policies and always very prompt.”

Clearsurance

“Very expensive for the coverage and difficult to work with. Prices keep going up annually even though I have never made a claim with them.”

Clearsurance

“The worst customer service. Why does it take 15 days to send an adjuster to your home to assess roof damage? They need to do a better job at taking care of their customers.”

TrustedChoice.com's Final Review

We award Lloyd’s of London a 3.0 out of 5.0 stars. 

Lloyd's of London is a giant in the insurance market. The company has a long history in the insurance industry, and the company has vast fiscal resources. Lloyd's is the largest surplus lines insurer in the US and the largest non-US domiciled reinsurer. The company is rated A (Excellent) by A.M. Best, and it has over a century of experience in protecting both standard and unique or non-standard risks around the world.

Lloyd’s of London is trustworthy and reliable. The company works exclusively through insurance agents and brokers, so public information about its specific policies and programs is hard to find. If you are looking for an admitted carrier in your state, Lloyd’s may not be for you. But if you have a surplus or unique risk, Lloyd’s may be the right company for your needs.